|Fri Oct 20, 2000|
Mount Dakota To Participate In Garrington 2 Well
| ||The Company wishes to announce that an agreement has been signed to participate in the re-entry of a horizontal well, the Garrington #2, located about 50 miles north of Calgary, Alberta.|
The Garrington #2 well was originally test flowed at 650,000 cubic feet of gas per day but was abandoned at the time because of low commodity prices. The Garrington #2 will be re-entered and an additional 100 feet of perforations added, then the entire horizontal section will be acid stimulated. The combination of the additional perforations and the acid stimulation is anticipated to greatly increase the natural gas productivity of this well. The re-entry work should be commencing next week.
The Company will be participating in a 25% working interest in this well, which will revert to a 12.5% working interest once Mount Dakota has recouped its share of drilling and completion costs.
The Company also wishes to announce the appointment of Michael Waggett as an officer of the Company.
The Company also wishes to announce that 200,000 directors and employee options will be set at $0.38 subject to regulatory approval. Stock options previously announced on October 6, 2000 will not be pursued by the Company.
The private placement previously announced on October 2, 2000 has been closed.
On behalf of the Board of Directors
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of the contents of this news release
You can view the Next News Releases item: Mon Oct 30, 2000, The Company is pleased to announce that it will participating in a 25% gross working interest in the drilling of the Crussel #1
You can view the Previous News Releases item: Thu Oct 5, 2000, The Company is pleased to announce that it has entered into an Investor Relations contract with Panstar Capital Corp(Panstar).
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